If Gordon, ever-more remotely marooned on his fantasy island of vast global influence and unfettered domestic command, backs down and muffles the stimulus hunting cry next week, it will leave him looking, to borrow from the resignation of yet another embittered former Chancellor, in office but not in power. If he doesn't – if he ploughs on with the demand for even more colossal spending and debt – he will be at war with the Bank of England, and at DefCon Two with his next-door neighbour.

There is no obvious way out of this one. He has been on his electoral death bed for ages, of course, ever since that definitive week in October 2007 when he cluck-cluck-clucked his way out of going to the country. But this may well be seen as the week he ran out of appeals for clemency, because the only quantative easing available to him now appears to involve the child-proof lid on that bottle of Downing Street strychnine.

To save himself further humiliation perhaps Moses should concoct some international incident so he can downgrade next weeks G20 to finance minister level!